Union of the Comoros: Selected Issues and Statistical Appendix
IMF Staff Country Reports, February 10, 2009
Source details
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- Union of the Comoros: Selected Issues and Statistical Appendix
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Bibliographic details
- Published: February 10, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451809206.002
Summary assessment of external competitiveness
- The Selected Issues paper assesses the external competitiveness of the Union of the Comoros.
- Comoros has been hard hit by negative terms-of-trade shocks that have weakened the external position.
- A trend decline in the world price of vanilla, its main export, has occurred parallel to unprecedented increases in international food and petroleum prices.
- Although export growth has slackened, imports have steadily grown driven by a surge in remittances and a steady real appreciation of the euro-pegged national currency.
Major findings and analytical focus
- Terms-of-trade shocks:
- Declining world price of vanilla (main export).
- Unprecedented increases in international food and petroleum prices.
- External position dynamics:
- Weakened external position attributed to the combination of export price decline and higher import costs.
- Export growth has slackened.
- Imports have steadily grown.
- Drivers of import growth:
- Surge in remittances.
- Steady real appreciation of the euro-pegged national currency.
- The paper’s subjects include: Balance of payments, Current account, Current account deficits, Foreign exchange, Income, National accounts, Real effective exchange rates, Real exchange rates.
Keywords and analytic themes used
- balance of payments, CA adjustment, CA balance, CA deficit, CA reduction, CR, Current account, Current account deficits, GDP, Global, Income, ISCR, norm elasticity, norm estimate, Real effective exchange rates, Real exchange rates, Sub-Saharan Africa.